1 Pet 3:21 says Baptism now saves us. "and this water symbolizes baptism that now saves you also—not the removal of dirt from the body but the pledge of a clear conscience toward God. It [Baptism] saves you by the Resurrection of Jesus Christ," (1 Pet 3:21)
It is Baptism that makes us New Creatures in Christ. In Baptism, we share in Christ's Life, Death and Resurrection. We die to sin and are born again to New Life. If you read an early Church Father like St. Augustine, it is clear the Early Church held this view of Baptism also.
Faith and Baptism go together. Suppose a person, after being baptized, sins and loses faith, baptism won't save him. But if he comes back to Christ, by confessing his sins, he can return to God's Grace. The first time, however, Baptism truly washes away sins in God's Name.
"And now what are you waiting for? Get up, be baptized and wash your sins away, calling on his Name.’ (Acts 22:16)